Message from the Chair of the Board

Creating long-term
shareholder value

CIBC has the right strategy to drive
continued success, and the right team
in place to build a strong, innovative,
relationship-oriented bank.

As strategic advisors to management, your Board continued to prudently balance growth opportunities – such as the proposed acquisition of PrivateBancorp, Inc. – with risk discipline and shareholder value creation. We have worked closely with CIBC’s President and CEO, Victor Dodig, and the senior management team to build momentum for our bank’s transformation by focusing on three integrated bank-wide priorities: client focus, innovation and simplification.

Your Board recognizes the progress made over the past year across these priorities, including building stronger and deeper relationships with clients, as the team strives toward our goal of being #1 in client experience. Progress has also been made on the innovation and simplification front, as we delivered new technologies that improved the banking experience for clients and simplified processes making it easier to do business with us.

During fiscal 2016, we welcomed Nanci Caldwell and Christine Larsen to your Board. Ms. Caldwell brings more than 25 years’ operating experience in the global technology and software industries, while Ms. Larsen has more than 20 years’ operating experience in the financial services industry.

CIBC is committed to being a leader in corporate governance. In 2016, progress was achieved in executive development and talent management, stakeholder engagement, risk management, board renewal and compensation practices. For example, we introduced a new annual incentive plan design for our global leadership team that is aligned to the achievement of CIBC’s three bank-wide priorities.

Your Board is steadfast in its commitment to move the bar on gender diversity. Thirty-five percent of our directors are women, following the elections at our Annual Meeting in April 2016, exceeding our goal of at least 30% women by 2017. CIBC and your Board are proud supporters of the Catalyst Accord and the 30% Club Canada, nonprofit organizations dedicated to expanding opportunities for women in business and enhancing gender balance at all levels.

We are proud to support the communities in which we work and live. In 2016, CIBC invested more than $65 million to support organizations and causes across Canada. Our employees and retirees share this commitment and raised nearly $21 million and volunteered 200,000 hours to support key initiatives such as the Canadian Breast Cancer Foundation CIBC Run for the Cure, CIBC Miracle Day and the United Way.

2017 promises to be a pivotal year at CIBC. The expected closing of our acquisition of PrivateBancorp, along with the strong collective focus on our three bank-wide priorities, will accelerate our transformation and create shareholder value. I’m confident that CIBC has a winning strategy and the right team to deliver growth to shareholders over the medium term.

In closing, I would like to sincerely thank our management team, which delivered excellent results this year, as well as my fellow directors. I would like to warmly thank CIBC’s employees for their passion in serving our clients and for the strong performance in all of our businesses.